Nearly 2 million households owe $15 billion in back rent as eviction moratorium expires

[MOS0231]

The way I see it:
Landlords are owed money. A number of those did not save their government stimulus checks to pay the back rent, but spent it on dumb stuff.
Now those people get evicted.
Thing is, there are still a lot of people not working.
As a landlord, who do you rent to if people do not have jobs? Rental property goes vacant. Landlord defaults on loan to bank if the landlord does not own the property outright.
Has some similarity to the housing crash of 08-09.

 

[bigpaul]

a lot of British rental landlords wont rent if people arent working but in most areas "housing benefit" is paid that either wholly or partly pays the rent so its almost a guarantee, so I guess its just snobbery.

 

[Arcticdude]

Theres no reason for anyone to be out of a job right now. Companies everywhere are hiring. These people need to quit whining and get a job, and government needs to quit coddling them.

 

[bigpaul]

granted there are some places that are hiring over here now mostly in the tourist and hospitality sector but many companies closed during the pandemic never to reopen ever again.

 

[Arcticdude]

Businesses close everyday, and new businesses open everyday. Yes, many businesses were harmed by the governments overreaction to this BS. Today everywhere you look there are Help Wanted signs out. Theres an estimated 9.2 million job openings, i think the number is much higher.

 

[Schattentarn]

I had a tenant once who was a contractor. He was a single parent with a son and even though they were 90 miles away, we knew someone in common, so I rented a house to him. Everything went fine for years. Then one day I got a call. He had broken his neck in an off-road accident. Well, that pretty much means no rent, right? So for several months he paid no rent and I asked him for none. He had an iron bar in his neck and could barely get around although not paralyzed. About seven months later he called with some news. He was sending me a check for 7k, all the back rent. Somehow he came into some money and a relative had given him more. I got all my money at once with no bad blood. Finally, a couple years later I was selling the house and had to move my grandson in to renovate (my grandson is now a contractor). But I did give my tenant 3 more months free rent out of respect before my grandson moved in.

Of course this is not the norm. What would usually happen is if an upside down tenant came into some money, he would leave in the dead of night.

 

[Dracos]

It is so funny to hear renters talk about waiving rent like that is the end of it and "rich people" just just absorb the loss. Most rental property is mortgaged. The rent is used to pay the loan to the bank. Let the banks absorb the loss? Then the insurance companies insuring the bank loans from default pick up the tab. So, let the insurance companies absorb the loss? If a state licensed insurance company goes belly up, files bankruptcy, that state is then responsible for their losses. And it takes years and years and tons of work from a law firm to get the state to pay.

In reality renters who lost their job due to covid have always had a subsidy coming in the form of welfare, food stamps, and federal relief money. That federal money should have gone directly to pay the rent, not for cigarettes and liquor.

You have hit the nail on the head. Why do some people think that landlords are bad? What I see happening is a lot of deadbeats owing thousands of dollars having no intention of ever paying it back . leaving and trashing the place first.

 

[Helen Back]

CA is paying all back rent for people. WA and OR have moratoriums until the end of September. I'm guessing they will extend them forever or just use taxpayer money to pay them off like CA. The LEFT coast.

 

[skysnake]

My daughter is a flight attendant who has worked her butt off to buy a duplex. She has a non-paying renter whom she hasn’t been able to evict in Illinois. She is literally on a verge of becoming homeless because of this administration. So sad.

 

[MOS0231]

https://www.zerohedge.com/geopolitical/whats-really-behind-war-home-ownership
Different way of looking at it.

 

[Proud Prepper]

My daughter is a flight attendant who has worked her butt off to buy a duplex. She has a non-paying renter whom she hasn’t been able to evict in Illinois. She is literally on a verge of becoming homeless because of this administration. So sad.

She should go move in the house of the person that allows her renter not to pay. You escalate it from there.

 

[MOS0231]

The question I have is what new legislation are we going to see come out of this?

I have read that some in CA want to pass a law that gives the renter a stake in the property, and say in anything to do with the property.

Or will we see some kind of laws protecting landlords and that would benefit the landlords of the banking, hedge fund kind as well as mom and pop landlords.

 

[Helen Back]

As crazy as the new admin (run by radical leftists) is, it wouldn't surprise me to see them announce nobody can own more than one home for the purpose of rental income. If you have rental properties, you have 6 months to sell them or give them to POC. The flood of homes on the market would drive down prices, so the ultra wealthy can snap them up too, just at a lower price. The left always seems to f you in a, while making it out like they are helping people. NOTHING they do surprises me anymore.

 

[Arcticdude]

As crazy as the new admin (run by radical leftists) is, it wouldn't surprise me to see them announce nobody can own more than one home for the purpose of rental income. If you have rental properties, you have 6 months to sell them or give them to POC. The flood of homes on the market would drive down prices, so the ultra wealthy can snap them up too, just at a lower price. The left always seems to f you in a, while making it out like they are helping people. NOTHING they do surprises me anymore.

It isn't just the wealthy that buy foreclosures. Anyone with a few spare bucks buy foreclosures.

 

[backandbeyond]

I figure if you want free handouts and welfare go ask the government, Not me as a property owner.

As a property owner you have always been subsidizing welfare recipients, through your taxes and interest payments, unless you inherited the house that is. Where do you think the government has been getting it's money for the last 100 years? Your pocket is where.

 

[backandbeyond]

The question I have is what new legislation are we going to see come out of this?

Go read the NWO agenda on the "Great Reset" "You will own nothing, but be happy"
It's the sort of thing Stalin told the kulak's, Mao Tse-tung told his farmers.

"The kulaks were resistant to the government from the beginning. They were instrumental in resisting all attempts by Lenin and the Bolsheviks to eliminate the extreme inequality that had a chokehold on the peasants. As such, they were considered class enemies."
https://medium.com/@comradefinnegan/why-stalin-killed-the-kulaks-8438c3658a9d
There are a lot of "Kulaks" on this forum.

 

[grayghost668]

mass evictions on the way I guess.

it's over due,,, all that free money and the deadbeats could not pay their rent,,, that is

 

[Arcticdude]

Foreclosures and tax sales are a couple great ways to buy real estate at good prices. A lot of people buy more home than they can afford and just quit paying the mortgage. Some people purposely get behind on their property taxes and then can't pay.

 

[Danil54grl]

IF they were good moral people who got a Government stimulate check, I know my first priority would be food and shelter, BUT if they knew they were gettin a free ride with not paying rent they could just blow that major expense with however they wanted. That is exactly what the majority did. They knew they wouldn't be evicted for non payment, not caring what the landlords responsibilities were and still had to make payments out of no extra income from the rental property.

 

[Helen Back]

It isn't just the wealthy that buy foreclosures. Anyone with a few spare bucks buy foreclosures.

If you can compete.. They are buying everything, not just foreclosures, but probably especially foreclosures.

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